Best Chequing Account That Pays Interest

Interest Paying Chequing Accounts offers interest to the account holders on the money they have in their bank account for their daily use.




Best Interest-Paying Chequing Accounts in Canada

This type of account is mostly common with digital banks that offer no-fee daily chequing accounts. The interest rates can either be tiered rate or one rate. The interest is usually calculated at the end of the day and added to the account monthly.

Interest rate: 

0.05%

Transaction fees: 

$0.00

E-transfer: 

$0.00

Transactions: 

Unlimited

Interest rate: 

0.15%

Transaction fees: 

$0.00

E-transfer: 

$0.00

Transactions: 

Unlimited

Interest rate: 

0.01%

Transaction fees: 

$0.00

E-transfer: 

$0.00

Transactions: 

Unlimited

Interest rate: 

0.01%

Transaction fees: 

$0.00

E-transfer: 

$0.00

Transactions: 

Unlimited

Interest rate: 

0.01%

Transaction fees: 

$0.00

E-transfer: 

$0.00

Transactions: 

Unlimited

Interest rate: 

0.15%

Transaction fees: 

$0.00

E-transfer: 

$0.00

Transactions: 

Unlimited

Interest rate: 

0.10%

Transaction fees: 

$0.00

E-transfer: 

$0.00

Transactions: 

Unlimited

Interest rate: 

0.90%

Transaction fees: 

$0.00

E-transfer: 

$0.00

Transactions: 

Unlimited

Interest rate: 

1.25%

Transaction fees: 

$0.00

E-transfer: 

$0.00

Transactions: 

Unlimited

Common Account Features

This type of account typically has no minimum balance or monthly fee. They may also offer withdrawals, unlimited deposits, including interest on the funds in your account.

Common Account Fees

Most providers that offer interest-earning chequing accounts do not offer additional features and services. These services are typically offered by digital banks.

When to Use an Interest-earning Chequing Account

Interest earning chequing accounts is an excellent option for folks who tend to have a high balance in their account. However, don’t expect a reward for having a high balance. Usually, your monthly fee is waived but you earn 0% on your funds.

Save Money on an Interest-earning Chequing Accounts

By not paying a monthly fee, you save plenty of cash. You can also save money in these accounts by not conducting transactions that charge extra service fees.

Disadvantages of  Interest-Earning Chequing Account

This may not be your best option if you require bank transactions that are deemed as additional services on interest-earning accounts. For instance, if you send several Inter-transfers each month, you will benefit from an account that offers unlimited e-Transfers do you don’t have to pay for each transfer.

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